Elon Musk Impersonators Scam Elderly Investors Out of Millions Using AI, Fake Profiles, and Emotional Manipulation

Elon Musk fans continue to fall victim to an alarming wave of cryptocurrency scams that exploit his celebrity status and public image. Despite being one of the most recognizable figures in tech and finance, Musk has no connection to these fraudulent schemes—yet scammers are using his name, likeness, and even AI-generated videos to deceive people into sending large sums of money. A recent investigation by Gizmodo, based on Freedom of Information Act (FOIA) requests to the Federal Trade Commission (FTC), reveals dozens of complaints from victims who lost thousands—or even hundreds of thousands—of dollars after believing they were interacting with the real Elon Musk. Many of these scams are sophisticated, combining romance manipulation, fake investment opportunities, and counterfeit websites designed to mimic legitimate platforms like SpaceX, Tesla, and Coinbase. One Florida man lost $225,000 after watching a YouTube livestream during a SpaceX launch. A video—allegedly featuring Musk—promoted a crypto investment opportunity, claiming that sending cryptocurrency to a QR code would result in double the amount being returned within minutes. When the man didn’t receive his promised returns, he was contacted by a fake “Coinbase representative” who claimed his account was compromised and demanded more funds to “secure” his remaining balance. The man was eventually tricked into sending nearly $225,000 before realizing he had been scammed. Other victims reported being drawn in by fake romantic relationships. One woman in her 70s claimed she had a months-long emotional connection with a man she believed was Elon Musk. He allegedly introduced her to his mother, Maye Musk, and encouraged her to invest money—eventually totaling over $65,000—under the promise of marriage and financial rewards. She now pleads with the FTC to help recover her money, saying she needs it for dental implant surgery. AI technology is making these scams even more convincing. Scammers are using deepfakes and synthetic media to create realistic videos and voice recordings of Musk promoting fake cryptocurrencies like XAI, XAI22P, and $XA77P. These tokens are sold through fake presale websites that accept Bitcoin, USDT, BNB, and other digital assets. Once victims send money, they are left with no way to recover it. Some scams are particularly insidious because they mimic real-world events. During major SpaceX or Tesla announcements, scammers flood social media with fake livestreams, websites, and ads featuring Musk’s image. One victim said he lost $20,000 after watching a video during a Starship launch that appeared to show Musk offering a crypto match. Others were tricked through Facebook, Instagram, and Telegram, where imposters used fake profiles with Musk’s name, profile pictures, and even messages from “Maye Musk” or “Elon’s assistant.” One man in South Carolina said he lost $25,000 and questioned whether Musk was involved, wondering if this was a glimpse into the future of AI-powered deception. Many victims are elderly, vulnerable, or emotionally isolated—making them prime targets. One man in Florida lost $41,000 from his retirement account after being lured by a Facebook ad and a fake “EVW Business School” that sent him a physical book and promised high returns. He was eventually pressured to take out a $100,000 loan to “secure” his investment. Despite the FTC’s warnings, these scams persist. The agency has no power to recover stolen funds, and victims are often left with no recourse. The common thread among all these cases is a combination of trust in Musk’s brand, emotional manipulation, and the growing power of AI to impersonate real people. Experts warn that as AI tools become more accessible, such scams will only grow in number and sophistication. The message is clear: if it sounds too good to be true, especially when it involves Elon Musk and crypto, it almost certainly is.